Advertisement

Local News

News > Local News > Church Alleges JP Morgan Chase Mismanaged Trusts

Church Alleges JP Morgan Chase Mismanaged Trusts

Christ Church Cathedral Dean Stephen Carlsen and Attorney Linda Pence (WIBC.com photo: Mike Corbin)

A historic downtown Indianapolis church has filed a multimillion dollar, federal lawsuit against JP Morgan Chase. 

Christ Church Cathedral alleges the banking giant mismanaged church trusts to the tune of $13 million.  They also say JP Morgan Chase used church funds deemed by philanthropist Eli Lilly to buy investments from itself on behalf of the church.  Church attorney Linda Pence says mismanagement happened over a 10-year period and involved two church funds. 

Church Dean Stephen Carlsen says the activity has led to church budget tightening and layoffs.  Carlsen says the lawsuit filed Wednesday is a last ditch attempt at resolution.  Pence wouldn't comment on whether they attempted a pre-lawsuit settlement. 

However, she says Chase has about 20 days to respond to the suit.  Pence adds this is not a case of investors losing money.  She says the case is about financial mismanagement of assets.  Calls to JP Morgan Chase Corporate Communications have gone unreturned.

INDIANAPOLIS -- A brief police chase in Indy's Fountain Square neighborhood Sunday night left behind a trail of...
BARTHOLOMEW COUNTY, Ind. -- Justin White is no longer the senior minister at First Christian Church in Columbus...
INDIANAPOLIS -- Good news! You’re paying less at the pump this morning. GasBuddy.com says prices are down nearly...
INDIANAPOLIS -- Carrier will be cashing in on $7 million dollars in tax breaks over the next ten years from the...
MIAMI COUNTY, Ind. -- A father was robbed of one of his most beloved possessions Saturday evening – a necklace...